Choreo LLC Takes $292,000 Position in Comerica Incorporated (NYSE:CMA)

Choreo LLC purchased a new position in shares of Comerica Incorporated (NYSE:CMA) during the 2nd quarter, HoldingsChannel reports. The institutional investor purchased 5,737 shares of the financial services provider’s stock, valued at approximately $292,000.

A number of other hedge funds have also recently added to or reduced their stakes in CMA. Family Firm Inc. acquired a new position in shares of Comerica during the second quarter worth approximately $37,000. UMB Bank n.a. lifted its holdings in Comerica by 39.3% during the 2nd quarter. UMB Bank n.a. now owns 737 shares of the financial services provider’s stock worth $38,000 after buying an additional 208 shares in the last quarter. Versant Capital Management Inc boosted its position in Comerica by 2,723.3% in the 2nd quarter. Versant Capital Management Inc now owns 847 shares of the financial services provider’s stock valued at $43,000 after buying an additional 817 shares during the last quarter. Abich Financial Wealth Management LLC increased its stake in shares of Comerica by 50.2% in the 1st quarter. Abich Financial Wealth Management LLC now owns 898 shares of the financial services provider’s stock valued at $49,000 after buying an additional 300 shares during the period. Finally, Rothschild Investment LLC bought a new stake in shares of Comerica during the second quarter worth $56,000. Institutional investors own 80.74% of the company’s stock.

Insider Activity at Comerica

In other Comerica news, EVP Christine M. Moore sold 2,545 shares of the business’s stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $57.51, for a total transaction of $146,362.95. Following the transaction, the executive vice president now owns 27,910 shares of the company’s stock, valued at approximately $1,605,104.10. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.19% of the company’s stock.

Analyst Upgrades and Downgrades

CMA has been the subject of a number of research reports. Raymond James upgraded Comerica from a “market perform” rating to an “outperform” rating and set a $60.00 price objective for the company in a research report on Tuesday, July 2nd. Truist Financial cut shares of Comerica from a “buy” rating to a “hold” rating and lowered their price target for the stock from $55.00 to $53.00 in a research report on Monday, July 22nd. JPMorgan Chase & Co. cut their price objective on shares of Comerica from $62.00 to $57.00 and set a “neutral” rating on the stock in a report on Thursday, June 27th. Stephens reaffirmed an “overweight” rating and set a $58.00 target price on shares of Comerica in a report on Tuesday, September 10th. Finally, Keefe, Bruyette & Woods raised Comerica from a “market perform” rating to an “outperform” rating and increased their price target for the company from $50.00 to $69.00 in a research note on Thursday, September 5th. Two investment analysts have rated the stock with a sell rating, fourteen have issued a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $55.73.

Comerica Trading Up 0.9 %

NYSE CMA opened at $58.52 on Wednesday. The stock has a market capitalization of $7.76 billion, a price-to-earnings ratio of 11.63 and a beta of 1.23. Comerica Incorporated has a 52 week low of $37.40 and a 52 week high of $59.14. The stock’s 50 day moving average price is $54.71 and its two-hundred day moving average price is $52.40. The company has a debt-to-equity ratio of 1.23, a quick ratio of 0.96 and a current ratio of 0.96.

Comerica (NYSE:CMA) last announced its earnings results on Friday, July 19th. The financial services provider reported $1.49 EPS for the quarter, topping the consensus estimate of $1.19 by $0.30. Comerica had a net margin of 12.15% and a return on equity of 15.01%. The business had revenue of $1.26 billion during the quarter, compared to analysts’ expectations of $812.79 million. During the same quarter in the prior year, the company posted $2.01 earnings per share. As a group, analysts anticipate that Comerica Incorporated will post 5.05 earnings per share for the current fiscal year.

Comerica Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Friday, September 13th will be issued a dividend of $0.71 per share. The ex-dividend date is Friday, September 13th. This represents a $2.84 annualized dividend and a yield of 4.85%. Comerica’s payout ratio is presently 56.46%.

About Comerica

Comerica Incorporated, through its subsidiaries, provides various financial products and services. The company operates through Commercial Bank, Retail Bank, Wealth Management, and Finance segments. The Commercial Bank segment offers various products and services, including commercial loans and lines of credit, deposits, cash management, payment solutions, card services, capital market products, international trade finance, letters of credit, foreign exchange management services, and loan syndication services for small and middle market businesses, multinational corporations, and governmental entities.